HB1573 - Education Savings Account Act

• Creates the Education Savings Account Program beginning fall 2024-2025 school year, allowing eligible low-income students to receive state aid grants deposited into savings accounts instead of attending public schools.

• Eligible students must be elementary or secondary students from households with annual income not exceeding 2.5 times the federal free or reduced-price lunch program threshold; parents must agree to educate students in reading, grammar, mathematics, social studies, and science and not enroll them in district or charter schools.

• State Board deposits into accounts some or all of the state aid the student's resident school district would have received, with grant amounts ranging from 25% to 100% of district aid depending on household income level.

• Qualifying expenses include tuition at participating private schools, textbooks, tutoring fees, curriculum purchases, online learning programs, standardized test fees, educational services for students with disabilities, and postsecondary institution costs.

• Participating schools must comply with health and safety codes, conduct criminal background checks on employees, provide receipts for expenses, demonstrate financial viability with surety bonds or financial statements, and students must take annual standardized tests with results reported to the State Board; participating schools remain autonomous and not subject to state educational program regulation.